Toy Story 3 is Coming!

The Walt Disney Co. is in production on Toy Story 3 via its Pixar Animation Studios, according to The Hollywood Reporter. The announcement came during Disney's annual shareholder meeting in New Orleans, on Thursday.

"We are finally in production on Toy Story 3," John Lasseter, chief creative officer, Pixar and Disney Animation Studios, reportedly said. He added that the film is scheduled to come out in 2010. Tom Hanks and Tim Allen are back on board to voice Buzz Lightyear and Woody, the trade paper reported.

No word yet on whether Don Rickles, the voice of Mr. Potato Head, John Ratzenberger, the voice of Hamm the Piggy Bank, or Joan Cusack as the voice of Jessie, the Yodeling Cowgirl will return for Toy Story 3.

One voice that will not be back is Jim Varney as the voice of Slinky Dog. The actor, best known as Ernest P. Worrell in the "Hey Vern" commercials, and Ernest Goes to Camp movies. Varney passed away from lung cancer in 2000.

The first installment of Toy Story centered around cowboy toy named Woody who is threatened and jealous when a fancy spaceman toy named Buzz Lightyear replaces him as top toy in a boy's room.

Toy Story 2 opened with Andy having a yard sale. A broken toy penguin named Wheezy is thrown in a selling box. In a rescue attempt, Woody gets Wheezy back. Unfortunately, Woody is left behind in a box and is stolen by a greedy toy collector. In an all-out rescue mission, Buzz and the gang try to get Woody back. Adding to the conflict is the toy collector, Stinky Pete voiced by Kelsey Grammer, is soon selling Woody to Japan. Adding to the mix, Woody meets Jessie, a cowgirl that he becomes smitten with.

Toy Story was nominated for a slew of awards, including Academy Awards for Best Music, Original Musical or Comedy Score, Randy Newman; Best Music, Original Song, Randy Newman for THE SONG "You've Got a Friend;" and Best Writing, Screenplay Written Directly for the Screen.

Toy Story 2 was also critically acclaimed and nominated for it's share of awards. Including an Academy Award nomination for Best Music, Original Song, Randy Newman. The song was "When She Loved Me," sung by Sarah McLachlan.

No word yet on what the plot of Toy Story 3 will be. However, the screenplay is by Michael Arndt, who just won the Original Screenplay Academy Award for Little Miss Sunshine.